- Wednesday, 3 June 2009It takes less than five minutes for new bankruptcy or
IVA solutions to be entered into by somebody in Britain, according to new statistics.
Credit Action has published its debt statistics for April 2009, revealing the rate at which IVAs are set up and bankruptcy entered into.
In April, it took 4.35 minutes for a new person to be declared insolvent, while the number entering into IVAs could rise further as more than 3,000 people per day were made redundant.
With a home repossessed every ten minutes,
IVA solutions could prove a wise option for those keen to protect their household.
After an IVA, it can be possible to retain ownership of the home, instead releasing part of its value by selling some of the equity which has been accrued.
IVAs can also reduce the overall amount that must be paid back, as creditors can agree to reductions of up to 70 per cent in the amount they demand in payment.
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Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
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